Dean Rohrer

Reforma del Sistema Mundial de Reservas

NUEVA YORK – Tanto la China como la Comisión de las Naciones Unidas sobre Reforma del Sistema Monetario y Financiero Internacional han propuesto la creación de un nuevo sistema mundial de reservas. Este tema debe estar en el centro de la agenda del Fondo Monetario Internacional.

La idea básica es simple: a largo plazo un sistema monetario internacional no puede estar basado en una moneda nacional –un punto que resaltó hace medio siglo el economista belga-americano Robert Triffin. El reconocimiento de este problema fundamental fue lo que llevó a la creación de los Derechos Especiales de Giro (DEGs) del FMI en los años sesenta.

El “estándar dólar” bajo el cual ha vivido el mundo desde comienzos de los años setenta tiene tres problemas básicos. En primer lugar, como todos los sistemas monetarios que lo antecedieron, pone el peso del ajuste sobre los países deficitarios, no sobre aquellos que tienen superávit en sus balanzas de pagos. La única excepción en este sentido son los Estados Unidos, que gracias a su posición como emisor de la principal moneda del mundo, ha podido hasta ahora financiar sus déficits con pasivos en dólares que están en manos del resto del mundo.

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